Corporate Receivables problem
Date: Wed, 12/30/2009 - 15:55
I have debt on a Yamaha four-wheeler that is now up to $10,000. As we all know things happen and payments can't be kept up sometimes. I was told from HSBC a couple of months agothat repossession was the only course of action. Unfortunately I decided to have that happen. However, the ATV was never repossessed.
Yesterday I received a call from "Aaron Bell" (real name is Aaron Matthews I believe) who said he was from Corporate Receivables. He was rude but not to the extent others have stated in other posts (he did laugh at me when I said I couldn't keep up with payments, asking if I knew how to read). To me he sounded like an attorney so I asked him if he was a lawyer. He replied "I wouldn't pay $100,000 for school if I wasn't one". He also stated that he could even get me for credit fraud or something like that.
Long story short, he said I either can come up with $7,200 to settle the debt or the ATV will be repossessed and my wages will be garnished (unemployed currently with only student loans, grants, and G.I. Bill as support). Any advice as to what the best course of action should be? Something tells me Aaron Bell isn't a lawyer at all after reading other posts from people.
Well, you can read more about this collection agency if you use
Well, you can read more about this collection agency if you use the search box at the right hand corner.
Now, regarding the debt, unfortunately it's a secured debt and the vehicle can get repossessed if not paid. Further, you'd still be responsible for the remaining debt if it is sold for less than what you owe. IMO your best bet is to retain the vehicle. You'd likely have to come up with a settlement proposal to stop the repossession.
Read more about the collector and then decide about your possible course of action. You can also further negotiate a lower settlement amount.
Thanks for the response. I've read up on the agency and learned
Thanks for the response. I've read up on the agency and learned about their track record and such. I'm not going to dispute that I owe on anything but what I would really like to know is how to make sure my rights are protected. From reading about this company they have been known to get sued due to breaking federal law. Any help would be greatly appreciated. Thanks.
